内容

目次

Part I. Preamble; Section 1. Global Capital Markets: Overview andOrigins: 1. Theoretical benefits; 2. Problems of supernational capitalmarkets in practice; 3. The emergence of world capital markets; 4. Thetrilemma: capital mobility, the exchange rate, and monetary policy; Part II.Global Capital in Modern Historical Perspective; Section 2. Globalization inCapital Markets: Quantity Evidence: 5. The stocks of foreign capital; 6 Thesize of international flows; 7. The saving-investment relationship; 8.Caveats: quantity criteria; Section 3. Globalization in Capital Markets:Price Evidence: 9. Real interest rate convergence; 10. Exchange-risk freenominal interest parity; 11. Purchasing power parity; 12. Caveats: pricecriteria; 13. Summary; Part III. The Political Economy of Capital Mobility;Section 4. Globalization in Capital Markets: A Long-Run Narrative: 14.Capital without constraints: the gold standard, 1870-1931; 15. Crisis andcompromise: depression and war, 1931-46; 16. Containment then collapse:Bretton Woods, 1946-71; 17. Crisis and compromise II: the floating era,1971-99; 18. Measuring financial integration using data on legalrestrictions; Section 5. The Trilemma in History: 19. Methodology; 20. Datasources; 21. Stationarity of nominal interest rates; 22. Empirical findings:pooled annual differences; 23. Empirical findings: individual-countrydynamics; 24. Conclusion; Section 6. Sovereign Risk, Credibility and the GoldStandard: 25. Five suggestive cases; 26. Econometric analysis; 27.Conclusion; Part IV. Lessons for Today; Section 7. Uneven Rewards: 28.Foreign capital stocks: net versus gross; 29. Foreign capital flows: richversus poor; 30. Foreign capital stocks: rich versus poor; 31. Then: hasforeign capital always been biased to the rich?; 32. Now: have poor countriesreally liberalized their markets?; 33. Variations in the types of capitalflows; 34. Summary; Section 8. Uneven Risks: 35. Open markets, crises andvolatility; 36. Crises, controls and economic performance; 37. Contagion andself-fulfilling crises; 38. Market failure, government failure and policychoices.